Rising gas prices have pushed the average Ethereum transaction fee above $15.
The chart below shows that similar values were observed back in May 2022.
At the time of writing, the minimum gas cost for operations with the second largest cryptocurrency by capitalization exceeds 100 gwei.
The situation is similar for bitcoin – on May 2, the average transaction fee exceeded $7. Similar values were observed in July 2021.
In this case, the main reason lies in the hype around Ordinals and the associated BRC-20 experimental token standard. presented at the beginning of March.
On May 3, the total amount of commissions paid to miners per day exceeded $3.5 million.
Dragonfly venture capital researcher under the pseudonym Hildobby in conversation with The Block expressed confidence that the current situation with Ethereum fees is largely due to the hype around meme tokens. The latter affect the Ethereum network due to the fact that they are traded mainly on the DEX, assuming on-chain operations.
Recall that the PEPE token grew tenfold last month, turning some coin holders into millionaires.
At the time of writing, the asset is on the 70th line of the CoinGecko rating, surpassing the utility tokens of the Optimism and MakerDAO projects. The market capitalization of PEPE is almost $700 million.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!